Midday Report
In addition to the negative sign on Stochastic over daily studies which we monitored this morning, the awaited negative crossover on Stochastic over four-hour time scale has appeared during the previous session below the initial resistance of 1735.00-1740.00 zones as seen on our provided graph. Therefore, we still see chances for renewing the selling interests for the rest of the day; particularly, if gold succeeded in clearing 1715.00 followed 1703.00.
The trading range for today is among the key support at 1673.00 and key resistance now at 1785.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1720.00 | 1715.00 | 1707.00 | 1703.00 | 1695.00 |
| Resistance | 1735.00 | 1745.00 | 1753.00 | 1765.00 | 1774.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1720.00 targeting 1650.00.00 and stop loss above 1765.00 might be appropriate. | ||||
Silver
Midday Report
The strong level of 32.95 was able to stop the metal’s positive momentum, where this level represents 38.2% Fibonacci correction and also the SMA 50. Therefore, our morning expectations remain valid supported by the bearish technical structure and stability below the mentioned level.
The trading range for today is among the key support at 29.55 and key resistance now at 33.75.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 32.10 | 31.60 | 31.25 | 30.95 | 30.50 |
| Resistance | 32.95 | 33.05 | 33.50 | 33.75 | 34.25 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.75 might be appropriate | ||||
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